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    <link>http://altcoinpress.com</link>
    <description>On the cutting edge of the digital currency revolution. Dedicated to bringing you the absolute best in breaking altcoin news.</description>
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      <title>item1</title>
      <link>http://altcoinpress.com/2014/11/new-york-bitcoin-antichrist-slated-for-return-to-hell-in-2015/</link>
      <comments>http://altcoinpress.com/2014/11/new-york-bitcoin-antichrist-slated-for-return-to-hell-in-2015/#comments</comments>
      <pubDate>Mon, 10 Nov 2014 17:35:47 +0000</pubDate>
      <dc:creator><![CDATA[Greg Matthews]]></dc:creator>
      <category><![CDATA[Bitcoin]]></category>
      <category><![CDATA[News]]></category>
      <category><![CDATA[Regulation]]></category>

      <guid isPermaLink="false">http://altcoinpress.com/?p=5155</guid>
      <description><![CDATA[NEW YORK &#8211; If Roger Ver is the Bitcoin Jesus, then surely New York Department of Financial Services Superintendent, Benjamin Lawsky, is the Bitcoin antichrist. Fresh off his re-election Tuesday, Governor Cuomo is facing the likelihood of replacing several key staffers as he begins his second term. And in what might be a bullish sign [&#8230;]]]></description>
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        <![CDATA[<p><img class="alignnone size-large wp-image-5157" src="http://altcoinpress.com/wp-content/uploads/2014/11/devil_lawsky-660x400.jpg" alt="devil_lawsky" width="660" height="400" data-wp-pid="5157" /></p>
<p>NEW YORK &#8211; If <a href="http://rogerver.com/" target="_blank">Roger Ver</a> is the Bitcoin Jesus, then surely New York Department of Financial Services Superintendent, Benjamin Lawsky, is the Bitcoin antichrist.</p>
<p>Fresh off his re-election Tuesday, Governor Cuomo is facing the likelihood of replacing several key staffers as he begins his second term. And in what might be a bullish sign for Bitcoin enthusiasts the world over, one of those aides is Department of Financial Services Superintendent, Benjamin Lawsky, the most powerful person in New York State&#8217;s industry-leading effort to stamp out bitcoin.</p>
<p>According <a href="http://www.nydailynews.com/news/politics/exodus-gov-cuomo-begins-article-1.2004742" target="_blank">to sources</a> for the New York Daily News:</p>
<blockquote><p>Department of Financial Services Superintendent Benjamin Lawsky is also expected to leave in early 2015 — bound for the private sector.</p></blockquote>
<p>The banking elite &#8211; who many believe work hand-in-hand with the state agency &#8211; have apparently decided the best way to restrict Bitcoin&#8217;s growth is by creating <a href="http://altcoinpress.com/2014/10/new-york-looks-to-slap-digital-currency-with-death-sentence/" target="_blank">impossible regulations</a> that will stop the digital currency cold in its tracks.</p>
<p><img class="alignleft size-medium wp-image-5169" src="http://altcoinpress.com/wp-content/uploads/2014/11/bye_lawsky-300x225.jpg" alt="bye_lawsky" width="300" height="225" data-wp-pid="5169" />In March, Lawsky began accepting applications for a newly devised <a href="https://act.eff.org/action/stop-the-bitlicense" target="_blank">BitLicense</a>, which is expected to be required for bitcoin businesses and merchants across the state.</p>
<p>Recently, the Department of Financial Services proposed their first public draft of regulations and opened up the process to commenters.</p>
<p>Under the new rules, customers paying with Bitcoin in NY might be required to first provide government issued identification, while cash, credit, and debit card paying customers would not face the same restriction.</p>
<p><em>Do you feel Benjamin Lawsky&#8217;s descent back into the private banking sector is a positive development for Bitcoin? Log in below using your favorite social network to weigh in on the discussion.</em></p>
<p><strong><i>- Follow Greg Matthews on Twitter: <a title="http://twitter.com/realmicroguy" href="http://twitter.com/realmicroguy">@realmicroguy</a></i></strong></p>
<div class="bitcointips-widget"><div class="qrcode"><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD"><img src="http://altcoinpress.com/wp-content/uploads/2014/10/newbitcoinaddress_125.png" width="125" height="125" /></a></div><div class="contents"><h2>Like this story? Send a tip with Bitcoin!</h2><p><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD">19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD</a></p><p>If you enjoyed reading this article, you might consider sending a tip with Bitcoin. All donations go towards supporting this website and its starving writers. Your generosity is very much appreciated.</p></div><div class="pluginhome"><a href="https://bitcoin.org/">Get a Bitcoin Wallet</a></div></div>]]>
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    <item>
      <title>South Africa Ripe for Cryptocurrency Explosion: Bitcoin and the New Digital Gold</title>
      <link>http://altcoinpress.com/2014/11/south-africa-ripe-for-cryptocurrency-explosion-bitcoin-and-the-new-digital-gold/</link>
      <comments>http://altcoinpress.com/2014/11/south-africa-ripe-for-cryptocurrency-explosion-bitcoin-and-the-new-digital-gold/#comments</comments>
      <pubDate>Sat, 08 Nov 2014 19:20:24 +0000</pubDate>
      <dc:creator><![CDATA[Greg Matthews]]></dc:creator>
      <category><![CDATA[Banking]]></category>
      <category><![CDATA[Digital Currency]]></category>
      <category><![CDATA[International]]></category>

      <guid isPermaLink="false">http://altcoinpress.com/?p=5104</guid>
      <description><![CDATA[While U.S. regulators build out their rigid legal framework, and China practically bans the digital currency, South Africa has shown no signs of restricting or regulating Bitcoin. Combine that with an estimated 43 million unbanked, or under-banked, and you have a country that&#8217;s ripe for a cryptocurrency explosion. Graham Busby, Founder at Elix-IRR, believes the [&#8230;]]]></description>
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        <![CDATA[<p><img class="alignnone size-large wp-image-5105" src="http://altcoinpress.com/wp-content/uploads/2014/11/south_africa_bitcoin-660x400.jpg" alt="south_africa_bitcoin" width="660" height="400" data-wp-pid="5105" /></p>
<p>While U.S. regulators build out their rigid legal framework, and China practically bans the digital currency, South Africa has shown no signs of restricting or regulating Bitcoin. Combine that with an <a href="http://www.bobsguide.com/guide/news/2014/Oct/16/africa-the-golden-digital-currency-opportunity.html" target="_blank">estimated 43 million</a> unbanked, or under-banked, and you have a country that&#8217;s ripe for a cryptocurrency explosion.</p>
<p>Graham Busby, Founder at <a href="http://www.elix-irr.com/" target="_blank">Elix-IRR</a>, believes the entire continent is fertile ground.</p>
<blockquote><p>Africa provides a fertile market for all firms operating in the digital currency space. Africa’s lack of regulation and openness to innovation presents firms with a huge opportunity to experiment with new and existing business models.</p></blockquote>
<p>Busby <a href="http://www.bobsguide.com/guide/news/2014/Oct/16/africa-the-golden-digital-currency-opportunity.html" target="_blank">also wrote</a> that digital currencies could eventually replace the US Dollar in the remittance markets.</p>
<blockquote><p>The potential for digital currencies to replace the US Dollar as the common currency for intra-African payments would also drastically cut the high transaction costs that all cross border transfers in the region currently suffer as a result of the current settlement process involving global banks</p></blockquote>
<p>Prominent South African businessman and investor, <a href="http://www.zoominfo.com/s/#!search/profile/person?personId=1959278628&amp;targetid=profile" target="_blank">Jason Swart</a> agrees. He has hit the ground running in South Africa with the country&#8217;s first major cryptocurrency conference, <em>Bitcoin and the New GoldCoin for SA,</em> to be held November 29th, in Port Elizabeth.</p>
<p>Swart envisions Bitcoin (BTC) and <a href="http://gldcoin.com/" target="_blank">Goldcoin</a> (GLD) becoming the two main players in SA.</p>
<blockquote><p>As South Africans, I truly believe Goldcoin is something we as a nation could get behind, as South Africa has always been tied to Gold and in particular another Gold coin, the Krugerrand. So to say Goldcoin makes sense to us, well is an understatement.</p></blockquote>
<p>Popular <a href="http://rt.com/shows/keiser-report/" target="_blank">RT television</a> hosts Max Keiser and Stacy Herbert are helping to back Swart&#8217;s conference.</p>
<blockquote class="twitter-tweet" lang="en"><p>Hey Gold Gugs! South African Goldcoin GLD Conference project on StartJOIN <a href="https://twitter.com/StartJOIN">@StartJOIN</a> <a href="https://t.co/7DesUm0G00">https://t.co/7DesUm0G00</a></p>
<p>— Max Keiser (@maxkeiser) <a href="https://twitter.com/maxkeiser/status/531029388284788736">November 8, 2014</a></p></blockquote>
<p><script src="//platform.twitter.com/widgets.js" async="" charset="utf-8"></script></p>
<blockquote class="twitter-tweet" lang="en"><p>
I just supported South African Goldcoin GLD Conference on <a href="https://twitter.com/StartJOIN">@StartJOIN</a> <a href="http://t.co/7ZKSrTD1tI">http://t.co/7ZKSrTD1tI</a> — Stacy Herbert (@stacyherbert) <a href="https://twitter.com/stacyherbert/status/531029212669284352">November 8, 2014</a>
</p></blockquote>
<p><script src="//platform.twitter.com/widgets.js" async="" charset="utf-8"></script></p>
<p>Cellular phones are abundant in <a href="http://en.wikipedia.org/wiki/South_Africa" target="_blank">South Africa</a>, with an estimated 80% of the population having access to a mobile device. Therefore companies willing to enter the market early and experiment might find that South Africa presents a golden opportunity for digital currencies.</p>
<p><em>Are we seeing the early signs of a paradigm shift towards a digital currency revolution across SA? Log in below using your favorite social media network and weigh in on the discussion.</em></p>
<p><strong><i>- Follow Greg Matthews on Twitter: <a title="http://twitter.com/realmicroguy" href="http://twitter.com/realmicroguy">@realmicroguy</a></i></strong></p>
<div class="bitcointips-widget"><div class="qrcode"><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD"><img src="http://altcoinpress.com/wp-content/uploads/2014/10/newbitcoinaddress_125.png" width="125" height="125" /></a></div><div class="contents"><h2>Like this story? Send a tip with Bitcoin!</h2><p><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD">19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD</a></p><p>If you enjoyed reading this article, you might consider sending a tip with Bitcoin. All donations go towards supporting this website and its starving writers. Your generosity is very much appreciated.</p></div><div class="pluginhome"><a href="https://bitcoin.org/">Get a Bitcoin Wallet</a></div></div>]]>
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    <item>
      <title>American Bitcoin Pirate Slammed for Securities Violations</title>
      <link>http://altcoinpress.com/2014/11/american-bitcoin-pirate-slammed-for-securities-violations/</link>
      <comments>http://altcoinpress.com/2014/11/american-bitcoin-pirate-slammed-for-securities-violations/#comments</comments>
      <pubDate>Thu, 06 Nov 2014 23:20:37 +0000</pubDate>
      <dc:creator><![CDATA[Greg Matthews]]></dc:creator>
      <category><![CDATA[Bitcoin]]></category>
      <category><![CDATA[Crime]]></category>
      <category><![CDATA[News]]></category>
      <category><![CDATA[bitcoin]]></category>
      <category><![CDATA[Texas]]></category>

      <guid isPermaLink="false">http://altcoinpress.com/?p=5078</guid>
      <description><![CDATA[A Texas man was arrested Thursday and charged with running a Bitcoin Ponzi scheme that during its operation raked in over 700,000 bitcoins, what at the time accounted for nearly 7% of all bitcoins in circulation. Trendon Shavers, using the online moniker PirateAt40, collected his crypto booty by soliciting investments in his firm, Bitcoin Savings [&#8230;]]]></description>
      <content:encoded>
        <![CDATA[<p><img class="alignnone size-large wp-image-5079" src="http://altcoinpress.com/wp-content/uploads/2014/11/trendon_shavers-660x400.jpg" alt="trendon_shavers" width="660" height="400" data-wp-pid="5079" /></p>
<p>A Texas man was arrested Thursday and charged with running a Bitcoin <a href="http://crimeblog.dallasnews.com/2014/11/in-first-of-its-kind-case-federal-authorities-arrest-mckinney-man-for-allegedly-running-a-bitcoin-ponzi-scheme.html/" target="_blank">Ponzi scheme</a> that during its operation raked in over 700,000 bitcoins, what at the time accounted for nearly 7% of all bitcoins in circulation.</p>
<p>Trendon Shavers, using the online moniker <a href="https://bitcointalk.org/index.php?action=profile;u=35827" target="_blank">PirateAt40</a>, collected his crypto booty by soliciting investments in his firm, Bitcoin Savings and Trust. The scheme began in September 2011 and continued thru September 2012. Shavers used the popular forum <a href="https://bitcointalk.org/" target="_blank">Bitcointalk.org</a> to lure his alleged victims. The investments were valued at more than $4.5 million based on the price of bitcoin at the time.</p>
<p>The digital bandit has already been fined $40 million by a federal judge in north Texas in a Securities and Exchange Commission (SEC) civil case. Today&#8217;s arrest is for <a href="http://www.courthousenews.com/2014/11/06/Shavers.PDF" target="_blank">criminal fraud charges</a> brought by the US Attorney in Manhattan.</p>
<p>Mr. Shavers sold bitcoin-related securities from his home in McKinney, Texas, promising investors up to 7% a week in interest payments. In the end, at least 48 of the roughly 100 investors lost all or part of their investment, according to the U.S. Attorney’s office.</p>
<p><img class="alignleft size-medium wp-image-5089" src="http://altcoinpress.com/wp-content/uploads/2014/11/bitcoin_orange-300x225.jpg" alt="bitcoin_orange" width="300" height="225" data-wp-pid="5089" />Shavers is charged with one count of securities fraud, carrying a maximum sentence of 20 years in prison, and a fine of up to $5 million, and wire fraud, carrying a maximum penalty of 20 years in prison, with a fine of up to $250,000.</p>
<p><a href="https://bitcoin.org" target="_blank">Bitcoin</a> (BTC) is a popular digital currency that allows consumers to make online purchases with little to no fee. Bitcoin is currently trading at just under $340 per coin with a market capitalization of $4,591,389,026 according to <a href="http://coinmarketcap.com/" target="_blank">Coinmarketcap.com</a>.</p>
<p><em>Do you think Bitcoin will ever be able to shake its bad boy image? Log in below using your favorite social network and weigh in on the discussion.</em></p>
<p><strong><i>- Follow Greg Matthews on Twitter: <a title="http://twitter.com/realmicroguy" href="http://twitter.com/realmicroguy">@realmicroguy</a> / Image via <a href="https://flic.kr/p/5kS1Bd" target="_blank">Flickr</a></i></strong></p>
<div class="bitcointips-widget"><div class="qrcode"><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD"><img src="http://altcoinpress.com/wp-content/uploads/2014/10/newbitcoinaddress_125.png" width="125" height="125" /></a></div><div class="contents"><h2>Like this story? Send a tip with Bitcoin!</h2><p><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD">19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD</a></p><p>If you enjoyed reading this article, you might consider sending a tip with Bitcoin. All donations go towards supporting this website and its starving writers. Your generosity is very much appreciated.</p></div><div class="pluginhome"><a href="https://bitcoin.org/">Get a Bitcoin Wallet</a></div></div>]]>
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    <item>
      <title>Britcoin: A Cryptocurrency for, and Used by, the British Public</title>
      <link>http://altcoinpress.com/2014/11/britcoin-a-cryptocurrency-for-and-used-by-the-british-public/</link>
      <comments>http://altcoinpress.com/2014/11/britcoin-a-cryptocurrency-for-and-used-by-the-british-public/#comments</comments>
      <pubDate>Wed, 05 Nov 2014 22:22:05 +0000</pubDate>
      <dc:creator><![CDATA[Chris Thompson]]></dc:creator>
      <category><![CDATA[Altcoins]]></category>
      <category><![CDATA[International]]></category>
      <category><![CDATA[News]]></category>

      <guid isPermaLink="false">http://altcoinpress.com/?p=4999</guid>
      <description><![CDATA[A relatively new cryptocurrency that emerged into the pool of an ever growing number of coins is Britcoin. It was launched on the 27th of June 2014 by William Thomas from Wales. Its development team consists of four including one person from Norway. Its coin specification is as follows: Hashing Algorithm: X13 Timestamping Algorithm: Proof [&#8230;]]]></description>
      <content:encoded>
        <![CDATA[<p><img class="alignnone size-large wp-image-5061" src="http://altcoinpress.com/wp-content/uploads/2014/11/britcoin2-660x400.jpg" alt="britcoin2" width="660" height="400" data-wp-pid="5061" /></p>
<p>A relatively new cryptocurrency that emerged into the pool of an ever growing number of coins is Britcoin. It was launched on the 27th of June 2014 by William Thomas from Wales. Its development team consists of four including one person from Norway.</p>
<p>Its coin specification is as follows:</p>
<ul>
<li><strong>Hashing Algorithm: X13</strong></li>
<li><strong>Timestamping Algorithm: Proof of Stake</strong></li>
<li><strong>Address Begins With: B</strong></li>
<li><strong>Total Coins: 20 million (~10 million from the PoW stage)</strong></li>
<li><strong>Block Time: 60 seconds</strong></li>
<li><strong>Coins per Block: Now in Proof of Stake Stage (5% per annum)</strong></li>
<li><strong>Confirmations per Transaction: 6</strong></li>
<li><strong>Pre-mine: 1%</strong></li>
</ul>
<p>Britcoin was a hybrid proof of work and proof of stake coin. It ceased the timestamping of proof of work at block 20,000 on the 4th of July 2014.</p>
<p>Since its launch, a lot of enthusiasm has been put into the project. In particular, they created a website from which people can purchase BRIT directly via PayPal. They also created a Britcoin marketplace, produced a very professionally animated promotional video and have had leaflets designed.</p>
<h5>Target Audience</h5>
<p>Its founders describe this coin as a “Digital Currency for British Individuals and Businesses”. This coin chose the target audience to be the British public.</p>
<p><img class="alignleft size-medium wp-image-5064" src="http://altcoinpress.com/wp-content/uploads/2014/11/george_osborne-300x217.jpg" alt="george_osborne" width="300" height="217" data-wp-pid="5064" />There has been news recently that the Chancellor George Osborne has set out measures he said would make Britain the &#8220;global centre of financial innovation&#8221;. If Bitcoin becomes part of this new age in finance, then Britcoin, as well as other coins, can too. Will the brand of this coin set it apart from the rest?</p>
<p>Britcoin is currently active on two cryptocurrency exchanges, AllCoin and Bittrex. It has recently reached the stage of potentially getting de-listed from Bittrex due to low trade volume. A coin must sustain an average daily trade volume of more than 0.2 BTC in order to stay active on Bittrex.</p>
<p>At the time of this article, it has a market capitalisation of about $5,000, positioned at number 265 on www.coinmarketcap.com. Can this coin survive the lack of exchange trading activity? Only time will tell within the unpredictable space of cryptocurrency.</p>
<p><strong><i>- Follow Chris Thompson on Twitter: <a title="http://twitter.com/MrSilverCider" href="http://twitter.com/MrSilverCider">@MrSilverCider</a></i></strong></p>
<div class="bitcointips-widget"><div class="qrcode"><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD"><img src="http://altcoinpress.com/wp-content/uploads/2014/10/newbitcoinaddress_125.png" width="125" height="125" /></a></div><div class="contents"><h2>Like this story? Send a tip with Bitcoin!</h2><p><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD">19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD</a></p><p>If you enjoyed reading this article, you might consider sending a tip with Bitcoin. All donations go towards supporting this website and its starving writers. Your generosity is very much appreciated.</p></div><div class="pluginhome"><a href="https://bitcoin.org/">Get a Bitcoin Wallet</a></div></div>]]>
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    <item>
      <title>Canadian Crypto Scientist Cleans Up Infamous Bitcoin &#8216;Slop&#8217;</title>
      <link>http://altcoinpress.com/2014/11/canadian-scientist-cleans-up-bitcoin-slop/</link>
      <comments>http://altcoinpress.com/2014/11/canadian-scientist-cleans-up-bitcoin-slop/#comments</comments>
      <pubDate>Wed, 05 Nov 2014 19:12:49 +0000</pubDate>
      <dc:creator><![CDATA[Greg Matthews]]></dc:creator>
      <category><![CDATA[Bitcoin]]></category>
      <category><![CDATA[News]]></category>
      <category><![CDATA[Technology]]></category>

      <guid isPermaLink="false">http://altcoinpress.com/?p=4986</guid>
      <description><![CDATA[One of Bitcoin&#8217;s most prominent and outspoken supporters is Overstock CEO Patrick Byrne. Last year, his company became the first major online retailer to accept Bitcoin payments. The famous &#8216;slop&#8217; comment But Byrne&#8217;s support does not come without criticism. During a speech at this year&#8217;s Bitcoin in the Beltway conference, the tech-savy executive revealed that [&#8230;]]]></description>
      <content:encoded>
        <![CDATA[<p><img class="alignnone size-large wp-image-4991" src="http://altcoinpress.com/wp-content/uploads/2014/11/bitcoin_slop2-660x400.jpg" alt="bitcoin_slop2" width="660" height="400" data-wp-pid="4991" /></p>
<p>One of Bitcoin&#8217;s most prominent and outspoken supporters is Overstock CEO <a href="http://en.wikipedia.org/wiki/Patrick_M._Byrne" target="_blank">Patrick Byrne</a>. Last year, his company became the first major online retailer to accept Bitcoin payments.</p>
<h5>The famous &#8216;slop&#8217; comment</h5>
<p>But Byrne&#8217;s support does not come without criticism. During a speech at this year&#8217;s <a href="http://www.bitcoinbeltway.com/" target="_blank">Bitcoin in the Beltway</a> conference, the tech-savy executive revealed that the Bitcoin core code contains a lot of “slop”, which he speculated would cause problems for the currency down the road.</p>
<p>Interestingly, the Bitcoin core developers are limited to the severity of alterations they can implement due to the inherent risks that major updates bring. For the sake of network stability and safety, Gavin and his crew are limited to pushing out ultra-conservative changes, which restricts their ability to quickly resolve the core problem.</p>
<h5>Flashback to December 2013</h5>
<p>A budding Canadian software developer enters the frame. While working on another cryptocurrency project, <a href="http://ca.linkedin.com/pub/amir-eslampanah/26/54/75b" target="_blank">Amir Eslampanah</a> discovers these <a href="https://www.gldtalk.org/index.php?topic=1948.msg9410#msg9410" target="_blank">design flaws</a> in the Bitcoin core and devises a plan to clean out this &#8220;slop.&#8221; He single-handedly undertakes the task of making a core that&#8217;s more scalable by using a new multi-threaded and modular implementation.</p>
<p><iframe src="//www.youtube.com/embed/nJ6NZOwy4zs" width="660" height="495" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Last month, after nearly a year in the making, the video above was released revealing the nearly complete GUI of the new open-source wallet. Eslampanah, who will be releasing the new client in November, explained to AP over Skype:</p>
<blockquote><p>In terms of wallet functionality, modularity, security, and sheer performance, the improved client will be unrivaled. Block download times will also be decreased considerably thanks to on-the-fly compression and multi-threaded download capability.</p></blockquote>
<p><img class="alignleft size-medium wp-image-5071" src="http://altcoinpress.com/wp-content/uploads/2014/11/teamwork-300x199.jpg" alt="teamwork" width="300" height="199" data-wp-pid="5071" />It is thought that after being fully evaluated and tested by the <a href="http://gldcoin.com/" target="_blank">Goldcoin</a> (GLD) community that these new coding achievements can be freely integrated into the Bitcoin core and possibly other cryptocurrencies.</p>
<p>The remarkable thing about the <a href="http://en.wikipedia.org/wiki/Open_source" target="_blank">open-source</a> crypto community is how new innovations are commonly shared across competing blockchains. The new Java client will also be the first to support multiple crypto-currencies and to accept third-party plugins.</p>
<p><a href="https://bitcoin.org" target="_blank">Bitcoin</a> (BTC) is a popular digital currency that allows consumers to make online purchases with little to no fee. Bitcoin is currently trading at just under $340 per coin with a market capitalization of $4,591,389,026 according to <a href="http://coinmarketcap.com/" target="_blank">Coinmarketcap.com</a>.</p>
<p><em>Do you support the idea of testing Bitcoin core improvements on alternative blockchains? Log in below using your favorite social network and weigh in on the discussion.</em></p>
<p><strong><i>- Follow Greg Matthews on Twitter: <a title="http://twitter.com/realmicroguy" href="http://twitter.com/realmicroguy">@realmicroguy</a> / Image via <a href="https://flic.kr/p/5ZF1LF" target="_blank">Flickr</a></i></strong></p>
<div class="bitcointips-widget"><div class="qrcode"><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD"><img src="http://altcoinpress.com/wp-content/uploads/2014/10/newbitcoinaddress_125.png" width="125" height="125" /></a></div><div class="contents"><h2>Like this story? Send a tip with Bitcoin!</h2><p><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD">19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD</a></p><p>If you enjoyed reading this article, you might consider sending a tip with Bitcoin. All donations go towards supporting this website and its starving writers. Your generosity is very much appreciated.</p></div><div class="pluginhome"><a href="https://bitcoin.org/">Get a Bitcoin Wallet</a></div></div>]]>
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      <title>Tech Giant Google Installs Bitcoin ATM in London Campus</title>
      <link>http://altcoinpress.com/2014/11/tech-giant-google-installs-bitcoin-atm-in-london-campus/</link>
      <comments>http://altcoinpress.com/2014/11/tech-giant-google-installs-bitcoin-atm-in-london-campus/#comments</comments>
      <pubDate>Wed, 05 Nov 2014 02:00:32 +0000</pubDate>
      <dc:creator><![CDATA[Greg Matthews]]></dc:creator>
      <category><![CDATA[Bitcoin]]></category>
      <category><![CDATA[International]]></category>
      <category><![CDATA[News]]></category>

      <guid isPermaLink="false">http://altcoinpress.com/?p=4965</guid>
      <description><![CDATA[Things have been looking up for Bitcoin this week, as regulators begin showing signs of easing, and now tech mega-giant Google warms up to the digital currency with the installation of a spanking new Bitcoin ATM inside its London campus. Sarah Drinkwater, head of the popular tech facility, is excited about Bitcoin and told IBT [&#8230;]]]></description>
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        <![CDATA[<p><img class="alignnone size-large wp-image-4966" src="http://altcoinpress.com/wp-content/uploads/2014/11/google_london-660x371.jpg" alt="google_london" width="660" height="371" data-wp-pid="4966" /></p>
<p>Things have been looking up for Bitcoin this week, as regulators begin showing signs of easing, and now tech mega-giant Google warms up to the digital currency with the installation of a spanking new Bitcoin ATM inside its <a href="https://www.campuslondon.com/" target="_blank">London campus</a>.</p>
<p>Sarah Drinkwater, head of the popular tech facility, is excited about Bitcoin and told <a href="http://www.ibtimes.co.uk/google-campus-london-installs-bitcoin-atm-accepts-cryptocurrency-payments-1473075" target="_blank">IBT</a></p>
<blockquote><p>Campus members love to experiment and relish access to the most cutting-edge tech commerce opportunities out there.</p></blockquote>
<p>The London Campus, which is home to mostly startups, is located in the heart of Shoreditch, on 4-5 Bonhill Street. It&#8217;s now the fifth location in London to offer a Bitcoin teller machine.</p>
<p>Zia Hayat, CEO and founder of Callsign, who worked to have the machine installed, explained:</p>
<blockquote><p>Being exposed to new and growing technologies is critical for entrepreneurs and startup development so I cannot think of a better place for this BTM to be launched.</p></blockquote>
<p>About 35,000 members of the Campus, together with 100,000 annual visitors, will have access to the BTM. Not only will the machine allow patrons to purchase Bitcoin with cash or credit cards, but customers will be able to use those Bitcoins to purchase food and drink in the campus café.</p>
<p><em>What are your thoughts on London&#8217;s new Bitcoin ATM? Log in below using your favorite social media network and weigh in on the discussion.</em></p>
<p><strong><i>- Follow Greg Matthews on Twitter: <a title="http://twitter.com/realmicroguy" href="http://twitter.com/realmicroguy">@realmicroguy</a> / Image via <a href="http://d.ibtimes.co.uk/en/full/1407928/bitcoin-atm-google.jpg" target="_blank">IBT</a></i></strong></p>
<div class="bitcointips-widget"><div class="qrcode"><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD"><img src="http://altcoinpress.com/wp-content/uploads/2014/10/newbitcoinaddress_125.png" width="125" height="125" /></a></div><div class="contents"><h2>Like this story? Send a tip with Bitcoin!</h2><p><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD">19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD</a></p><p>If you enjoyed reading this article, you might consider sending a tip with Bitcoin. All donations go towards supporting this website and its starving writers. Your generosity is very much appreciated.</p></div><div class="pluginhome"><a href="https://bitcoin.org/">Get a Bitcoin Wallet</a></div></div>]]>
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      <title>Got Crypto? New FinCEN Rulings State You Could be a ‘Money Transmitter’</title>
      <link>http://altcoinpress.com/2014/11/got-crypto-new-fincen-rulings-state-you-could-be-a-money-transmitter/</link>
      <comments>http://altcoinpress.com/2014/11/got-crypto-new-fincen-rulings-state-you-could-be-a-money-transmitter/#comments</comments>
      <pubDate>Sat, 01 Nov 2014 15:21:38 +0000</pubDate>
      <dc:creator><![CDATA[Faisal Khan]]></dc:creator>
      <category><![CDATA[Digital Currency]]></category>
      <category><![CDATA[News]]></category>
      <category><![CDATA[Regulation]]></category>

      <guid isPermaLink="false">http://altcoinpress.com/?p=4949</guid>
      <description><![CDATA[This article originally appeared on Faisalkhan.com and has been republished here with the permission of the author. The Financial Crimes Enforcement Network (FinCEN) released new guidance for custodial bitcoin exchanges and payment processors, ruling that such companies may be considered money services businesses under US law. The few days since then have been very hectic. Besides [&#8230;]]]></description>
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        <![CDATA[<p><img class="alignnone size-large wp-image-4950" src="http://altcoinpress.com/wp-content/uploads/2014/11/uncle_sam-660x400.jpg" alt="uncle_sam" width="660" height="400" data-wp-pid="4950" /></p>
<p><em>This article originally appeared on <a href="http://www.faisalkhan.com/2014/10/29/what-recourse-do-bitcoin-companies-operating-in-the-us-have-in-light-of-the-recent-ruling-by-fincen/" target="_blank">Faisalkhan.com</a> and has been republished here with the permission of the author.</em></p>
<p>The Financial Crimes Enforcement Network (FinCEN) <a href="http://altcoinpress.com/2014/10/fincen-ruling-us-government-ramps-up-war-on-cryptocurrency/" target="_blank">released new guidance</a> for custodial bitcoin exchanges and payment processors, ruling that such companies may be considered money services businesses under US law.</p>
<p>The few days since then have been very hectic. Besides fielding calls from lots of people, everyone is asking the same question. What can a bitcoin company, operating in the US, now do to get back to business?<span id="more-2902"></span></p>
<p>In the points below, I look at the most important issues facing bitcoin companies under the guidance and consider the options.</p>
<h3><b>Are you affected by the ruling?</b></h3>
<p>One of the first questions you have to ask yourself is, are you affected by the recent ruling? You may need to seek a legal opinion (or two, or three) and be quite certain about the direction the opinion leans towards. There will be two options:</p>
<ul>
<li>The ruling applies to you, get licensed</li>
<li>The ruling does not apply to you</li>
</ul>
<p>Do not rely on a single legal opinion, no matter how good he/she/they may be. At the risk of being blunt, it is times like these that law firms and attorneys juice their clients. Get a second and third opinion.</p>
<h3><b>Does the ruling affect your current operations/plans?</b></h3>
<p>Are you yet to go live or are you live? If you’re yet to go live, you have your fair share of work carved out for you. If you were live and engaged in commercial transactions, the ruling could mean problems for you. You <i>may</i> need to stop commercial transactions all together.</p>
<p>This can be devastating for some. If you have a large payroll to deal with, or monthly recurring is high, you may want to consider shedding the excess weight off until you get licensed.</p>
<h3><b>Can you move operations overseas?</b></h3>
<p>For <em>some</em> businesses, the option to move operations (or business) overseas and be able to continue, might just be possible. Just don’t expect to pick up transactions/clients from the US that easily.</p>
<h3><b>How long does licensing take?</b></h3>
<p>The answer is not so simple. On average, the 50 states will take you between one to three years. For a few states you might be able to secure licenses in three to five months, but then again, how many of your clients are walking about in Utah or North Dakota?</p>
<p>States like Illinois, New Jersey, Florida, Massachusetts, Pennsylvania, etc. hover between six to 10 months. Heavyweights like Texas, New York and California, easily a year to 18 months (if not more). For example, if California does view your application and finds out your audit has expired and requests a new one, that can easily extend the time.</p>
<p>For New York, you will have to get the &#8216;<a href="http://www.coindesk.com/tag/BitLicense/">BitLicense</a>&#8216; when it comes out. California might offer its own BitLicense equivalent. Texas so far has no plans – or do they? One cannot be sure. They don’t advertise much. Everyone is playing the ‘wait and see’ game with how New York’s Department of Financial Services handles things.</p>
<p>Those who have applied for licenses, will testify that the process is brutal and frustrating at times – one that requires money and patience (in that order), and a little good luck.</p>
<h3><b>What problems can one face?</b></h3>
<p>No action by the regulator weeks after you submitted your application. Added delays. Audit report not acceptable. No commissioner to sign-off your application. Associate to go through your application not awarded. Missing information, please refile again. Missing fingerprints, please refile. Application being returned, please go through checklist as attached again (a lot of elements are not correct or missing).</p>
<p>Shampoo. Rinse. Repeat.</p>
<p>Then there are the highly important surety bond providers. Surety bond companies that the state regulators can work with is a small bunch – about 16 or so in total. You have to deal with their appointed agents, who then provide surety bonding to you. Because you are bitcoin, they may or may not decide to do business with you. If they all deny you (a very, very strong possibility) then you’re as good as dead.</p>
<p>Many states will not take any other form of a surety bond (like a certificate of deposit, cash, etc.) They all work in collusion. I have no fear in citing this. You’ll find out. There are some agents whom you should avoid like the plague, but then again, you will experience this yourselves.</p>
<p>Audits (security audits, financial audits) are a pain and cost a lot of money. Some will be outright rejected <i>after</i> the audit is done. Why? Because the person who conducted the audit is on the regulator’s s*** list. But they won’t tell you so. They’ll just re-word it and let you know that you need to find another auditor to work with.</p>
<p>Banking is also going to be one of your biggest woes. You’ll be hard pressed to find a bank that will work with you once they find out you are a licensed money transmitter. Even the bank accounts you have can be closed without warning. In fact, banking is one of the <i>biggest</i> challenges after licensing.</p>
<p>The pain points are many. Be prepared. Don’t say I didn’t tell you so.</p>
<h3><b>How much money?</b></h3>
<p>Plan on having lots of it. The whole licensing experience is all about spending a lot of money. Lawyers. Net Worth. Permissible Investments. Surety bonding. Insurance. Audits. Auditor fees. Specialists fees, etc.</p>
<p>If you have to raise this money, it will be difficult. Raising the necessary finance itself will add to the time period.</p>
<h3><b>Can I become an authorized agent of an existing money transmitter license holder?</b></h3>
<p>Sure you can. Theoretically this is possible. Practically, the value of a money transmitter license just went through the roof after the <a href="http://www.fincen.gov/" target="_blank">FinCEN</a> ruling.</p>
<p>A couple of years ago, you would work with the like of <a href="http://www.obopay.com/" target="_blank">Obopay</a> (now it’s pretty much dead). <a href="http://www.precash.com/" target="_blank">PreCash</a> isn’t doing anything in the bitcoin space. <a href="http://www.incomm.com/" target="_blank">InComm</a> will only make you an agent <i>if</i> you are promoting their products and that too is a sketchy ‘if’. <a href="http://www.meracord.com/" target="_blank">Meracord</a> won’t touch bitcoins. Large forex or money transfer companies that have money transmitter licenses will just not work with bitcoin companies.</p>
<p>You would be hard-pressed to find money transmitters in this space. One name I can provide that you can talk to is Megan Burton’s <a href="http://www.coinx.com" target="_blank">CoinX</a>. She has licenses in 30-plus states for money transmission related to bitcoin.</p>
<h3><b>Can I work with a nationwide chartered bank by OCC?</b></h3>
<p>Sure you can. A nationally chartered bank by the <a href="http://www.occ.treas.gov/" target="_blank">OCC</a> is exempt from money transmitter licenses, but then again, how many banks do you think would like to work with bitcoin-related companies?</p>
<p>If you find one. Hide it. Its a keeper. Don’t let anyone know.</p>
<p>The road to licensing is not easy. A few companies like CoinX had the vision to go and get licenses earlier on. Others were very sure of themselves based on the previous FinCEN ruling. Needless to say, the way things are right now, it seems clear the federal government has paved the way for states to declare you as money transmitters, and would not want you to pursue that path as well.</p>
<p>Its going to be tough. You will feel like giving up. You might just go broke. But don’t give up. There <i>is</i> light at the end of the tunnel.</p>
<p><strong><i>- Follow Faisal Khan on Twitter: <a title="https://twitter.com/babushka99" href="https://twitter.com/babushka99">@babushka99</a></i></strong></p>
<div class="bitcointips-widget"><div class="qrcode"><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD"><img src="http://altcoinpress.com/wp-content/uploads/2014/10/newbitcoinaddress_125.png" width="125" height="125" /></a></div><div class="contents"><h2>Like this story? Send a tip with Bitcoin!</h2><p><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD">19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD</a></p><p>If you enjoyed reading this article, you might consider sending a tip with Bitcoin. All donations go towards supporting this website and its starving writers. Your generosity is very much appreciated.</p></div><div class="pluginhome"><a href="https://bitcoin.org/">Get a Bitcoin Wallet</a></div></div>]]>
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      <title>Chunk of Bitcoin Network Being Cut-Off Due to US Regulations</title>
      <link>http://altcoinpress.com/2014/10/chunk-of-bitcoin-network-being-cut-off-due-to-us-regulations/</link>
      <comments>http://altcoinpress.com/2014/10/chunk-of-bitcoin-network-being-cut-off-due-to-us-regulations/#comments</comments>
      <pubDate>Fri, 31 Oct 2014 23:03:33 +0000</pubDate>
      <dc:creator><![CDATA[Greg Matthews]]></dc:creator>
      <category><![CDATA[Mining]]></category>
      <category><![CDATA[News]]></category>
      <category><![CDATA[Regulation]]></category>

      <guid isPermaLink="false">http://altcoinpress.com/?p=4921</guid>
      <description><![CDATA[One of the first casualties in the US regulatory war on Bitcoin announced today that it will suspend operations on November 30th, effectively shutting down 5% of the Bitcoin network hashing power. BTC Guild, one of the oldest remaining Bitcoin mining pools, announced today that it would be closing its doors and shuttering its business. [&#8230;]]]></description>
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        <![CDATA[<p><img class="alignnone size-large wp-image-4924" src="http://altcoinpress.com/wp-content/uploads/2014/10/bitcoin_cutoff2-660x354.jpg" alt="bitcoin_cutoff2" width="660" height="354" data-wp-pid="4924" /></p>
<p>One of the first casualties in the US regulatory war on Bitcoin <a href="https://bitcointalk.org/index.php?topic=49417.msg9395478#msg9395478" target="_blank">announced today</a> that it will suspend operations on November 30th, effectively <a href="https://blockchain.info/pools" target="_blank">shutting down 5%</a> of the Bitcoin network hashing power.</p>
<p><a href="https://www.btcguild.com/" target="_blank">BTC Guild</a>, one of the oldest remaining Bitcoin mining pools, announced today that it would be closing its doors and shuttering its business. Registrations are closed to new users effective immediately.</p>
<p>The site&#8217;s founder, Michael Marsee, cited US regulation as one of the main reasons for his regretful decision.</p>
<blockquote><p>US government/regulators are already taking stances against specific business types in Bitcoin, applying requirements which would be impossible for BTC Guild to operate under if they attempt to extend regulation into pooled mining, either directly or indirectly due to unclear definitions.</p></blockquote>
<p>Marsee went on to explain further:</p>
<blockquote><p>Nobody will mine on a pool which requires them to provide personally identifiable information when they can change a single line in their configuration to point elsewhere.</p></blockquote>
<p>According to Andrew Ittleman, an attorney at Fuerst Ittleman David &amp; Joseph, PL, this week&#8217;s FinCEN rulings are a <a href="http://www.coindesk.com/fincen-rules-bitcoin-payment-processors-exchanges-money-transmitters/" target="_blank">troubling sign</a> for how the Bitcoin industry could be treated by the agency as a whole.</p>
<blockquote><p>It seems to me that, according to FinCEN, any company that&#8217;s dealing with bitcoin is a money transmitter, and I don&#8217;t know if I could have said that before before I read the payment processor note.</p></blockquote>
<p>If government regulators can continue to successfully pressure mining pools into shutting down, we could eventually begin to see an impact to the overall security and stability of the Bitcoin network.</p>
<p><a href="http://en.wikipedia.org/wiki/Mining_pool" target="_blank">Mining pools</a> are a way for miners to combine their computer resources and share their hashing power, while splitting the reward equally, according to the amount of shares they contribute to solving a block. These pools are crucial in the operation of the Bitcoin network.</p>
<p><em>Do you think Bitcoin pool operators should be defined as money transmitters? Log in below using your favorite social media network and weigh in on the discussion.</em></p>
<p><strong><i>- Follow Greg Matthews on Twitter: <a title="http://twitter.com/realmicroguy" href="http://twitter.com/realmicroguy">@realmicroguy</a></i></strong></p>
<div class="bitcointips-widget"><div class="qrcode"><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD"><img src="http://altcoinpress.com/wp-content/uploads/2014/10/newbitcoinaddress_125.png" width="125" height="125" /></a></div><div class="contents"><h2>Like this story? Send a tip with Bitcoin!</h2><p><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD">19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD</a></p><p>If you enjoyed reading this article, you might consider sending a tip with Bitcoin. All donations go towards supporting this website and its starving writers. Your generosity is very much appreciated.</p></div><div class="pluginhome"><a href="https://bitcoin.org/">Get a Bitcoin Wallet</a></div></div>]]>
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      <title>Bitcoin Terrorists to Release Biological Weapon Unless Crypto Ransom Paid</title>
      <link>http://altcoinpress.com/2014/10/bitcoin-terrorists-to-release-biological-weapon-unless-btc-ransom-paid/</link>
      <comments>http://altcoinpress.com/2014/10/bitcoin-terrorists-to-release-biological-weapon-unless-btc-ransom-paid/#comments</comments>
      <pubDate>Fri, 31 Oct 2014 01:59:58 +0000</pubDate>
      <dc:creator><![CDATA[Greg Matthews]]></dc:creator>
      <category><![CDATA[Bitcoin]]></category>
      <category><![CDATA[International]]></category>
      <category><![CDATA[News]]></category>

      <guid isPermaLink="false">http://altcoinpress.com/?p=4882</guid>
      <description><![CDATA[The Spanish Intelligence Agency has intercepted online communications passed between jihadists discussing the weaponization of the Ebola virus, while terrorists in Prague threaten to unleash the deadly virus unless the Czech Republic pays a king&#8217;s ransom of one million euros, in Bitcoin. The blackmailers warned that failure to comply with any of their requests would [&#8230;]]]></description>
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        <![CDATA[<p><img class="alignnone size-large wp-image-4883" src="http://altcoinpress.com/wp-content/uploads/2014/10/bitcoin_bio_terrorists-660x400.jpg" alt="bitcoin_bio_terrorists" width="660" height="400" data-wp-pid="4883" /></p>
<p>The Spanish Intelligence Agency has <a href="http://www.breitbart.com/Breitbart-London/2014/10/30/Ebola-Weaponisation-Spain-Blackmail-Prague" target="_blank">intercepted online communications</a> passed between jihadists discussing the weaponization of the Ebola virus, while terrorists in Prague threaten to unleash the deadly virus unless the Czech Republic pays a king&#8217;s ransom of one million euros, in <a href="https://bitcoin.org/" target="_blank">Bitcoin</a>.</p>
<p>The blackmailers warned that failure to comply with any of their requests would lead to the spreading of the infectious disease throughout Prague and into other cities, and that failure to answer their letter would also result in a &#8216;viral&#8217; social media smear campaign.</p>
<blockquote><p>If you don&#8217;t answer this letter, we will send press releases to media and inform people on social networks such as Twitter, Facebook and Youtube to let them know how negligent the Czech offices are.</p></blockquote>
<p>The threat was issued by anonymous emails to the cabinet offices of the <a href="http://en.wikipedia.org/wiki/Cabinet_of_the_Czech_Republic" target="_blank">Czech government</a> which were then passed on to the media. There is a question as to whether the government possess the nearly 4000 bitcoin that would be needed to satisfy the digital demand.</p>
<p><img class="alignleft size-medium wp-image-4895" src="http://altcoinpress.com/wp-content/uploads/2014/10/ebola-300x182.jpg" alt="ebola" width="300" height="182" data-wp-pid="4895" />The Czech Republic&#8217;s interior ministry issued a public statement saying that &#8220;the culprit or culprits are using very sophisticated communication methods.&#8221; This means the potential attackers are probably using the <a href="http://en.wikipedia.org/wiki/Tor_%28anonymity_network%29" target="_blank">TOR Network</a>, which is popular with Bitcoin enthusiasts, to conceal their identities. The spokesman commented that the cold weather would hopefully slow the infection from spreading.</p>
<p>The Czech Republic currently has no confirmed cases of Ebola, although there have been several scares recently. Tonight is the payment deadline. So in a few hours, we could know for sure if the terrorists actually carry out their sinister plan of mass infection.</p>
<p><em>Do you think the Bitcoin terrorists will go through with plans to release their Ebola weapon? Log in below using your favorite social media network and weigh in on the discussion.</em></p>
<p><strong><i>- Follow Greg Matthews on Twitter: <a title="http://twitter.com/realmicroguy" href="http://twitter.com/realmicroguy">@realmicroguy</a></i></strong></p>
<div class="bitcointips-widget"><div class="qrcode"><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD"><img src="http://altcoinpress.com/wp-content/uploads/2014/10/newbitcoinaddress_125.png" width="125" height="125" /></a></div><div class="contents"><h2>Like this story? Send a tip with Bitcoin!</h2><p><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD">19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD</a></p><p>If you enjoyed reading this article, you might consider sending a tip with Bitcoin. All donations go towards supporting this website and its starving writers. Your generosity is very much appreciated.</p></div><div class="pluginhome"><a href="https://bitcoin.org/">Get a Bitcoin Wallet</a></div></div>]]>
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      <title>Bitcoin Foundation: We Don&#8217;t Want Everyone Starting a Bitcoin Business</title>
      <link>http://altcoinpress.com/2014/10/bitcoin-foundation-we-dont-want-everyone-starting-a-bitcoin-business/</link>
      <comments>http://altcoinpress.com/2014/10/bitcoin-foundation-we-dont-want-everyone-starting-a-bitcoin-business/#comments</comments>
      <pubDate>Wed, 29 Oct 2014 21:17:35 +0000</pubDate>
      <dc:creator><![CDATA[Greg Matthews]]></dc:creator>
      <category><![CDATA[Bitcoin]]></category>
      <category><![CDATA[News]]></category>
      <category><![CDATA[Regulation]]></category>

      <guid isPermaLink="false">http://altcoinpress.com/?p=4851</guid>
      <description><![CDATA[What&#8217;s that? You want to start a Bitcoin business but don&#8217;t have half a million dollars to become compliant with FinCEN and secure a money transmitter license in each of the 50 states? Well &#8211; at least you have the Bitcoin Foundation fighting against excessive regulation and unnecessary oversight. Right? Not exactly. According to foundation [&#8230;]]]></description>
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        <![CDATA[<p><img class="alignnone size-large wp-image-4852" src="http://altcoinpress.com/wp-content/uploads/2014/10/nosoupforyou-660x400.jpg" alt="nosoupforyou" width="660" height="400" data-wp-pid="4852" /></p>
<p>What&#8217;s that? You want to start a <a href="https://bitcoin.org/" target="_blank">Bitcoin</a> business but don&#8217;t have half a million dollars to become compliant with FinCEN and secure a money transmitter license in each of the 50 states?</p>
<p>Well &#8211; at least you have the <a href="https://bitcoinfoundation.org/" target="_blank">Bitcoin Foundation</a> fighting against excessive regulation and unnecessary oversight. Right? Not exactly. According to foundation counsel and former Department of Homeland Security adviser Jim Harper, who joined the foundation in March, they don&#8217;t want just any &#8216;ordinary Joe&#8217; firing up a Bitcoin based business. That privilege should be reserved for the well-financed minority.</p>
<p>Yesterday, Harper <a href="http://dealbook.nytimes.com/2014/10/28/former-s-e-c-chairmain-to-advise-two-prominent-bitcoin-companies/" target="_blank">told the New York Times</a> that Bitcoin businesses should not be open to just anyone.</p>
<blockquote><p>Well-formulated regulation can help because you don’t want everyone to start a Bitcoin business.</p></blockquote>
<p>As <a href="http://altcoinpress.com/2014/10/fincen-ruling-us-government-ramps-up-war-on-cryptocurrency/" target="_blank">reported Monday</a>, the latest FinCEN rulings broaden the definition under which businesses will be considered money transmitters. In some cases, this could force merchants to close up shop or to stop accepting the digital currency. Some merchants that currently accept Bitcoin, and pay out dollars to staff or other third parties, could now fall under the agency&#8217;s new definition.</p>
<p><strong><i>- Follow Greg Matthews on Twitter: <a title="https://twitter.com/realmicroguy" href="https://twitter.com/realmicroguy">@realmicroguy</a></i></strong></p>
<div class="bitcointips-widget"><div class="qrcode"><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD"><img src="http://altcoinpress.com/wp-content/uploads/2014/10/newbitcoinaddress_125.png" width="125" height="125" /></a></div><div class="contents"><h2>Like this story? Send a tip with Bitcoin!</h2><p><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD">19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD</a></p><p>If you enjoyed reading this article, you might consider sending a tip with Bitcoin. All donations go towards supporting this website and its starving writers. Your generosity is very much appreciated.</p></div><div class="pluginhome"><a href="https://bitcoin.org/">Get a Bitcoin Wallet</a></div></div>]]>
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      <title>ddfgdfgdfgdfg</title>
      <link>http://altcoinpress.com/2014/10/bitcoin-foundation-we-dont-want-everyone-starting-a-bitcoin-business/</link>
      <comments>http://altcoinpress.com/2014/10/bitcoin-foundation-we-dont-want-everyone-starting-a-bitcoin-business/#comments</comments>
      <pubDate>Wed, 30 Oct 2013 21:17:35 +0000</pubDate>
      <dc:creator><![CDATA[Greg Matthews]]></dc:creator>
      <category><![CDATA[Bitcoin]]></category>
      <category><![CDATA[News]]></category>
      <category><![CDATA[Regulation]]></category>

      <guid isPermaLink="false">http://altcoinpress.com/?p=4851</guid>
      <description><![CDATA[What&#8217;s that? You want to start a Bitcoin business but don&#8217;t have half a million dollars to become compliant with FinCEN and secure a money transmitter license in each of the 50 states? Well &#8211; at least you have the Bitcoin Foundation fighting against excessive regulation and unnecessary oversight. Right? Not exactly. According to foundation [&#8230;]]]></description>
      <content:encoded>
        <![CDATA[<p><img class="alignnone size-large wp-image-4852" src="http://altcoinpress.com/wp-content/uploads/2014/10/nosoupforyou-660x400.jpg" alt="nosoupforyou" width="660" height="400" data-wp-pid="4852" /></p>
<p>What&#8217;s that? You want to start a <a href="https://bitcoin.org/" target="_blank">Bitcoin</a> business but don&#8217;t have half a million dollars to become compliant with FinCEN and secure a money transmitter license in each of the 50 states?</p>
<p>Well &#8211; at least you have the <a href="https://bitcoinfoundation.org/" target="_blank">Bitcoin Foundation</a> fighting against excessive regulation and unnecessary oversight. Right? Not exactly. According to foundation counsel and former Department of Homeland Security adviser Jim Harper, who joined the foundation in March, they don&#8217;t want just any &#8216;ordinary Joe&#8217; firing up a Bitcoin based business. That privilege should be reserved for the well-financed minority.</p>
<p>Yesterday, Harper <a href="http://dealbook.nytimes.com/2014/10/28/former-s-e-c-chairmain-to-advise-two-prominent-bitcoin-companies/" target="_blank">told the New York Times</a> that Bitcoin businesses should not be open to just anyone.</p>
<blockquote><p>Well-formulated regulation can help because you don’t want everyone to start a Bitcoin business.</p></blockquote>
<p>As <a href="http://altcoinpress.com/2014/10/fincen-ruling-us-government-ramps-up-war-on-cryptocurrency/" target="_blank">reported Monday</a>, the latest FinCEN rulings broaden the definition under which businesses will be considered money transmitters. In some cases, this could force merchants to close up shop or to stop accepting the digital currency. Some merchants that currently accept Bitcoin, and pay out dollars to staff or other third parties, could now fall under the agency&#8217;s new definition.</p>
<p>But the former DHS official supports regulation and <a href="https://bitcoinfoundation.org/2014/10/bitcoin-public-policy-retrospective-and-update/" target="_blank">has recently argued for more </a></p>
<blockquote><p>We argue that Bitcoin should be integrated into existing financial services regulation, and we point out the progress in states like Texas and Kansas (along with what’s pending in North Carolina), and in federal agencies like FinCEN, the IRS, and FEC.</p></blockquote>
<p>However, that&#8217;s not what&#8217;s happening. The most recent FinCEN rulings would define some Bitcoin businesses as money transmitters, whereas if they operated with traditional currencies alone, they would not fall under the same definition.</p>
<p>According to Andrew Ittleman, an attorney at Fuerst Ittleman David &amp; Joseph, PL, these new developments are a <a href="http://www.coindesk.com/fincen-rules-bitcoin-payment-processors-exchanges-money-transmitters/" target="_blank">troubling sign</a> for how the industry could be treated by the agency as a whole.</p>
<blockquote><p>It seems to me that, according to FinCEN, any company that&#8217;s dealing with bitcoin is a money transmitter, and I don&#8217;t know if I could have said that before before I read the payment processor note.</p></blockquote>
<p>Many early Bitcoin adopters had hoped the cryptocurrency could bring new economic freedoms to those less privileged in the World. Some had envisioned a society that offered equal opportunity for both the rich and poor.</p>
<p>But these new regulations will probably make opening a Bitcoin business more exclusive and more restrictive than opening a traditional fiat-based enterprise.</p>
<p><em>Do you feel Bitcoin should be open to everyone or should it be reserved for those with deep pockets? Log in below using your favorite social media network and weigh in on the discussion.</em></p>
<p><strong><i>- Follow Greg Matthews on Twitter: <a title="https://twitter.com/realmicroguy" href="https://twitter.com/realmicroguy">@realmicroguy</a></i></strong></p>
<div class="bitcointips-widget"><div class="qrcode"><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD"><img src="http://altcoinpress.com/wp-content/uploads/2014/10/newbitcoinaddress_125.png" width="125" height="125" /></a></div><div class="contents"><h2>Like this story? Send a tip with Bitcoin!</h2><p><a href="bitcoin:19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD">19yvKvsuc5jv46NS6Hk8se4B9Lz7QVqSoD</a></p><p>If you enjoyed reading this article, you might consider sending a tip with Bitcoin. All donations go towards supporting this website and its starving writers. Your generosity is very much appreciated.</p></div><div class="pluginhome"><a href="https://bitcoin.org/">Get a Bitcoin Wallet</a></div></div>]]>
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